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Through Q3 2025, 35% of 2025's financings remain unlabeled—slightly below the 44% share in 2023 and close to the 37% in 2024, but still far above the single-digit levels that defined the pre-2021 market. The tradeoff is less clarity in the market: these raises weaken the benchmarks investors and founders rely on to underwrite growth and complicate how enterprises assess which startups are ready to partner at scale. To measure fundraising velocity, we looked at each year's cohort of companies that raised a labeled round and counted backward to their last labeled raise to get to the median time (in months) between fundraises—we did this separately for each series progression (e.g., Seed to A, A to B, etc.). We've seen companies break through when they hit a meaningful milestone—like landing a major distribution deal, getting FDA clearance, or proving commercial traction—that becomes the hook for the next round. – Becca Shmukler, Partner, Million Lives Fund Winning the workflow If the usual funding signals feel blurry, one theme has become clearer: activity is clustering around the workflows and infrastructure that power healthcare delivery."